During the forecast period, the global healthcare cloud computing market size is expected to grow at a CAGR of 18.1%. This market is forecasted to worth USD 68.4 Billion by the end of 2026.
Cloud computing enables healthcare providers to achieve uninterrupted access to medical data and avoid additional costs by running physical servers. It helps people to view information from a distance, reducing workers' downtime. Cloud computing gives healthcare professionals immediate access to patient data via secure interfaces and a lot of control and storage. The advancement of this technology in healthcare networks can increase data sharing and remote communication, all of which were previously difficult for outdated technologies.
Increasing of patients suffering from different disorders grows, the need for effective data collection solutions grows as well. Healthcare cloud infrastructure eliminates data privacy issues by providing convenient access to patient records over secure networks. Every year, laboratories and hospitals generate massive amounts of administrative and clinical data, which necessitates appropriate software for research and maintenance. In the healthcare sector, cloud computing is driving a movement toward data automation, which, when combined with automation, modernizes intake and discharge processes and eliminates the need for paper records. Privacy issues and computer protection concerns hamper the healthcare cloud computing industry. The reliability of data hosted by vendors versus data stored on-premise is a major concern in cloud solutions.
MARKET DRIVERS:
The growing adoption of the SAAS model benefits extracted from using cloud computing in healthcare IT and speeding up data or document delivery in healthcare facilities is accelerating global healthcare cloud computing market growth.
Growth in the adoption of big data analysis, technological advancements in the healthcare industry, an increase of focus on healthcare digitization, and a rise in the deployment of cloud-based HCIT solutions to improve healthcare providers' care processes are significant driving factors for healthcare cloud computing market. The growing adoption of wearable devices and the internet of things (IoT) in healthcare supports the growth of the market. From various internal sources like radiology images, EHRs (electronic health records), prescription information, insurance claims data, pharmacy sales, and lab tests, a vast amount of data will be collected and generated by healthcare providers, creating more scope for the market to grow.
Every year, the volume of digital data increases due to the payer environment, like stimulation for EHRs and a shift towards value-based payments. Also, cloud-based analytics tools will help better manage patients by transforming health data into actionable insights. The factors mentioned above are drivers of the healthcare cloud computing market.
MARKET RESTRAINTS:
Privacy concerns and security of data are significant restraints for the healthcare cloud computing market. The significant issue in cloud solutions is the security of data hosted by vendors compared to data stored on-premise. Information on patients should be so secure and should consider a sensitive issue. There is a necessity of maintaining privacy due to cyber-attacks. The rise of digital transformation initiatives in data security, healthcare, and privacy concerns is increasing rapidly. Many peoples are facing problems due to cyber-attacks. So, preferring private clouds for security. These are restraints of the healthcare cloud computing market.
MARKET OPPORTUNITIES:
The global healthcare cloud computing market has opportunities such as the emergence of tele-cloud as wireless technology is governing the market. Moreover, a robust mechanism is providing patient care delivery to remote locations proven by the cloud. Treatment for patients who are in rural areas providing an opportunity for players through tele-cloud. The adoption of tele-cloud is providing many opportunities for players in several countries.
MARKET CHALLENGES:
Interoperability and portability issues are the primary challenges for the global healthcare cloud computing market. Accessing the data of patients is an easy task for hospitals or healthcare organizations. Interoperability issues are due to the transmission of data to the cloud server from hospitals. Interfaces and Cloud APIs are posing a challenge to the organization for attempting cloud computing interoperability. There is a lack of standardization among the cloud service providers, limiting data sharing between different cloud tools that lead to portability issues.
Impact of COVID-19 on the Global Healthcare Cloud Computing Market:
COVID-19 pandemic affected the healthcare cloud computing market. Many organizations are facing difficulties running the market smoothly, which opted for cloud computing infrastructures. For social distance on hectic days, measures are mandatory for mild symptoms patients to opt for remote consultation. Most healthcare providers are consulting through video conferences and phone calls due to the COVID-19 pandemic, hoping that the healthcare cloud computing market will regain shares in the upcoming days. The market should be on track from 2021.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2020 to 2026 |
|
Base Year |
2020 |
|
Forecast Period |
2021 to 2026 |
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Segments Covered |
By Product, Deployment Model, Component Service Model, Pricing Model, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global healthcare cloud computing market has been segmented & sub-segmented based on the product, deployment model, component service model, pricing model, and region.
Healthcare Cloud Computing Market - By Product:
Based on the product, the healthcare provider solutions segment is predicted to dominate the global healthcare cloud computing market with clinical information systems and non-clinical information systems due to demand in the increase of clinical and non-clinical information systems. The growth rate is attributing to a surge in demand for cloud-based CIS and NCIS solutions owning the advantages like smooth integration of applications, effective migration strategies, data control, compliance, security, and on-demand storage.
Healthcare Cloud Computing Market - By Deployment Model:
By the deployment segment, the private cloud segment is expected to account for the leading share in the global healthcare cloud computing market. The deployment segment is holding a share due to high-security options, offering, and control over the network. Larger organizations which are having IT staff and expert security are working by private cloud storage. Also, on-premise private cloud will allow organizations for their applications to any complicated issues. In forthcoming years, many are adopting an on-premise private cloud.
Healthcare Cloud Computing Market - By Component:
The service segment in the component segment is boosting growth in the healthcare cloud computing market. During the forecast period, the services segment is attributing the highest growth rate. The segment's growth rate attributes to the recurring nature of services like education and training, software upgrades, installation, maintenance, and consulting.
Healthcare Cloud Computing Market - By Pricing Model:
The pay-as-you-go segment accounts for the largest share in 2019 during the forecast period by the pricing model segment. Utilization of economic model, allowance of healthcare providers are leading factors.
Healthcare Cloud Computing Market - By Service Model:
The SaaS segment in the service segment is attributing the largest share in the healthcare cloud computing market. It owns several advantages above on-premise solutions like security, faster deployment time, little up-front capital expenses, and lower total ownership cost.
Healthcare Cloud Computing Market - By Region:
During the forecast period, the Asia-Pacific region recorded the largest share and projecting a high compound annual growth rate. Change in demographics is prevalent in countries like India and China due to a large patient data volume. In the Asia-Pacific region, market players are more focusing on healthcare digitization. Europe region is also recording a significant share in the healthcare cloud computing market. Increment in investments for modernization in healthcare infrastructure is attributing factors in the European region. As expected, the North American region contributes the largest share due to the attribution of growth in patients, leading to a subsequent increase in telehealth and virtual care delivery options in the healthcare cloud computing market.
KEY MARKET PLAYERS:
Companies such as IBM, CareCloud Corporation, Agfa-Gevaert N.V., Merge Healthcare Inc., Carestream Corporation, Cerner Corporation, Microsoft Corporation, Oracle Corporation, ClearData Networks Inc., Sectra AB, Nuance Communications, GE Healthcare, athenahealth Inc., NextGen Healthcare, Siemens Healthineers, and Dell Inc. are playing a dominating role in the global healthcare cloud computing market.
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